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Mixed reactions as gov’t rolls out another initiative for wealth creation

State Minister for Microfinance Haruna Kasolo launches the Countrywide Presidential initiative on wealth and job creation (EMYOOGA). PHOTO via @mofpedU

Kampala, Uganda | THE INDEPENDENT  | The Government has rolled out another initiative in parishes targeting specialized groups in a move aimed at job creation and improving household incomes.

In the Presidential Initiative on wealth creation and job creation locally referred as Emyooga, each Savings and Credit Cooperative Organization (SACCO) will be given 30 million shillings as seed capital to boast savings of members.

On Wednesday , the State Minister of Microfinance Haruna Kasolo launched the initiative in greater Luweero districts at Bukenya foundation hall in Luweero town.

Kasolo said that each district was to receive 570 million shillings to support the SACCOs.

Kasolo says that the initiative targets SACCOs formed in 18 categories that include boda boda cyclists, women enterprises, carpenters, tailors, mechanics, performing artists and fishermen among other groups.

Kasolo says that unlike other initiatives, this is likely to succeed because it targets in specialized fields and only needs capital to boost their incomes.

However, leaders in Luweero say the new Initiative is good but may not be a success citing gaps and timing.

Paul Mukungu the LC 3 chairperson of Luweero Town says that the Initiative is restricted to only 18 categories yet some are not available in each parish and others missed on the list.

Sam Mulwana the Luweero District Workers’ Association says that Initiative may help people to access loans at small interest but the 30 million shillings allocated per each SACCO is little for capital.

Ronald Ndawula the Luweero LCV chairperson says that there is still a poor saving culture among the people and many will form SACCOs to target only the money.

Ndawula wants the money to be channelled to microfinance support center and encourage it to open up regional branches where they can give out affordable loans to individuals.

Other leaders say the Initiative is intended to win support for President Yoweri Museveni ahead of elections and people will pick the money without clear ideas for investment.

Others decried of rampant corruption which have failed earlier Initiatives brought by President to get people out of poverty.

This is latest Presidential initiative in fight against poverty. Other initiatives include special fund for Parish Community Association, Prosperity for All, Operation Wealth Creation, Youth, Elders, Persons Living with Disabilities and Women among others.

According to Ministry of Finance, government spends over 600 billion shillings on special grants aimed at fighting poverty.

But all these initiatives are yet to create a big impact compared to the money that government injects to support them.

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